EUROCORP

Financial Morning News 14/05/2014

GREEK FINANCIAL MARKET

The General Index in Athens Stock Exchange (ASE) closed at 1,160.81 posting losses of 0.32%, in a turnover of €143.27mn.

The IMF’s executive board will convene on May 28 to discuss and likely approve the disbursement of its next bailout tranche to Greece.

Greece sold €1.3bn of three-month treasury bills yesterday to roll over a maturing issue. The T-bills were priced to yield 2.13% from 2.45% in a previous sale in April. The sale’s bid-cover ratio was 2.80, up from 2.73 in the previous sale.

The primary surplus in the January-April period amounted to €1.05bn (0.6% of GDP), against a primary deficit of €306mn (0.2% of GDP) in the same period last year. Budget net revenues came to €13.84bn, down by €1.051bn or 7.1% off the target. State budget spending amounted to €17.28bn, which was €578mn less than the budget target for €17.86bn in the year to end-April.

Corporate Impacts

    • Greek Banks: Fitch announced that it has affirmed the long-term issuer default ratings of National Bank of Greece, Piraeus Bank, Alpha Bank and Eurobank at B- with stable outlooks.

Technical

FTSE 25 May future:

        Support levels: 364-358-352. Resistance levels: 378-385-390.

General Index:

      Support levels: 1,150-1,130-1,120. Resistance levels: 1,185-1,200-1,230.

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